Some helpful links for all things New York City real estate

       

DUE DILIGENCE LINKS FOR BROKERS AND BUYERS/SELLERS – Updated 2019

When you are buying or selling property, it can feel like so much is happening all at once. Within a very short period of time, the deal is finalized, the contract drafted and negotiated, and various “due diligence” materials are being provided by the building’s board and/or management. There is a wealth of publicly available information that can assist clients and brokers in being as educated as possible throughout this process. We have gathered some go-to resources that we often use during the process. If you have any questions regarding how to utilize these resources, please feel free to call our office for additional assistance.

Property Tax Bills

New York City real estate tax bills are now available to view and download online, which can be helpful for confirming a Seller’s representations as to the annual taxes due and assessing if the property is in arrears. Use the following portal to view and download bills and confirm the payment history for any New York City property: http://nycprop.nyc.gov/nycproperty/nynav/jsp/selectbbl.jsp

Property Tax Benefit Information

The New York City Department of Finance provides property owners and real estate professionals with information regarding property tax abatements and exemptions. Use the following portal to view which abatements or exemptions are currently being applied to a property and for how long, in addition to how those same abatements and exemptions are calculated: https://a836-propertyportal.nyc.gov/

Department of Buildings

The New York City Department of Buildings (“DOB”) tracks a variety of property information, including but not limited to complaints, violations, construction/plumbing applications and permits, and inspections. They also track and publish current Certificates of Occupancy and Temporary Certificates of Occupancy of record. Use their web site to confirm if there are open violations or permits against a unit or building and see if their Certificate of Occupancy is still current: http://www1.nyc.gov/site/buildings/index.page  

ACRIS

ACRIS (the “Automated City Register Information System”) hosts the accepted land records of the New York, Kings, Queens, and Bronx County Clerks and can provide real estate professionals with access to most of the records filed against New York City properties in those counties (note well that there is some inconsistency in the availability of documents that are greater than 15 years old). As of May of 2013, ACRIS even has the ability to search for land records against cooperative apartments, which can be helpful in confirming early if there are any outstanding liens against a unit. Use ACRIS to determine a property’s tax block and lot, find property deeds, mortgages and UCC financing statements, and identify easements or restrictions on the use of a property: http://a836-acris.nyc.gov/CP/

Offering Plan & Amendments

The Real Estate Finance Bureau of the Office of the Attorney General hosts a helpful look up tool that can confirm if the Attorney General’s Office approved an Offering Plan and any amendments thereto; for older buildings and coops, it can eliminate the guesswork of trying to determine how many amendments have been filed and provide the most recent count. Use the Real Estate Finance Bureau’s look up tool here: https://offeringplandatasearch.ag.ny.gov/REF/welcome.jsp

Foreign Buyers: Tax Treaty and Tax Liability

Buying property in the United States can sometimes be a taxing experience for foreign buyers. Foreign buyers should be aware of the tax implications related to acquiring property within the United States. The Federal Government has many treaties with numerous foreign countries. These treaties could grant foreign residents reductions and even exemptions from the federal estate, income and gift taxes (depending on the provisions of the treaty). All tax treaties are available to the public on the IRS website: https://www.irs.gov/businesses/international-businesses/united-states-income-tax-treaties-a-to-z

New York City Government Website: Private Homeowner Resources

New York City has an exclusive website for private homeowners. This website contains links for paying for New York City services and making a coop or condominium complaint, including reporting bright lights from parking lots, reporting noise from air conditioner or ventilation equipment, and even reporting a noisy neighbor. The website also contains links to the websites for Property Value Assessments, ACRIS, and the New York City Office of the Taxpayer Advocate: http://www1.nyc.gov/nyc-resources/categories/housing-development/private-homeowner-resources/index.page

Some useful information regarding salt and mortgage interest deduction

1. What is the SALT deduction and how does it affect buyers?

The acronym stands for State and Local Tax. The ‘SALT’ deduction allows taxpayers who itemize deductions on their federal income tax to deduct certain taxes paid to state and local governments, such as property taxes, from their gross income. The new tax plan instituted a cap on this deduction, whereas previously there was no limit. As of the 2018 tax year, the maximum SALT deduction is $10,000 , or  $5,000 in the case of a married individual filing a separate return.

The new cap could leave taxpayers who itemize their deductions, typically high-income filers, with a higher tax bill. However, the loss in deductions could be offset by the decrease of the federal income tax rate, the doubling of the estate tax deduction, and the cutting down of the capital gains rate. Additionally, some state governments, including New York, are working to implement strategies to offset the effects of the cap on the SALT deduction.

2. What is the interest on mortgage deduction?

            The interest on mortgage deduction allows taxpayers who itemize their deductions to deduct their mortgage interest from their taxable income when filing tax returns.

The new tax plan decreased the amount that a taxpayer can deduct. As of the 2018 tax year, the mortgage interest on total principal of as much as $750,000 in qualified residence loans can be deducted, down from the previous principal limit of $1,000,000. For married taxpayers filing a separate return, the new principal limit is $375,000, down from $500,000. For the purposes of the mortgage interest deduction, a "qualified residence" means the taxpayer's primary residence or second home, not an investment property. Additionally, the loan amount for which interest is deducted cannot exceed the cost of the home.

Barry Weidenbaum, Esq.

WEIDENBAUM & HARARI LLP
10  GRAND  CENTRAL
155 East 44^th Street, 19th Floor, New York, NY 10017
Tel: (212) 832-7400 x 4130  |  Fax: (212) 832-7761

Oldie but a goodie via Streeteasy!

Last June we celebrated our 10-year anniversary!

Responseby rlmnyc

almost 7 years ago

Posts: 273

Yes, we had an excellent experience with Keith Burkhardt as well. We had been looking for ages and knew exactly what we wanted. We needed Keith to negotiate, close the deal, and manage any problems. I can't praise Keith enough for his knowledge, professionalism, humor, and flexibility in dealing with an offbeat seller and lazy seller's broker. And the best part was that Keith gave us a check at closing. If we ever move again, we will definitely use Keith. Two thumbs up.

New Year...New Testimonial!

I mean who wouldn't love our business model? We provide an outstanding level of service and then give you a check! As one recent client noted, "I wouldn't have been surprised if you told me I had to pay more for this service".

"Good morning Keith,

Thanks for making our buying process seamless and smooth!  We really appreciate all the help from the three of you.  We are happy to recommend you guys to our friends!

We also had a wonderful experience with Barry and his team.  They were very responsive and patient and really helped us understand all of the legal matters with ease.  So thanks for recommending them.

We look forward to working with all of you again on future deals.  Keep in touch and have a wonderful weekend!!

Ivy and Hao"

A One-Stop renovation shop

This looks very interesting sort of along the lines of my own business model. Wanting to create value for consumers without sacrificing on service.

Block Renovation

Some great insights for both buyers and sellers from Deanna Kory

The only thing I disagree with is the momentum in the market, for us it's been terrific. We have a large number of buyers coming out of the woodwork as they see listing prices drop. I'm not sure where we bottom out, but the distinguished Noah Rosenblat thinks we're pretty close, time and his charts will tell.

Part of this discussion is about the divergence of the economy and the real estate market. Many folks are having a difficult time understanding how we can have a declining real estate market with such a strong economy. Now those who think the real estate market is bottoming out perhaps in the next quarter, then strengthening, are banking on the fact that the economy will remain strong. But will it? I think we'll see the equities market 'catch up' to the real estate market over the next couple of quarters. But of course take this with a grain of salt as we should any short-term predictions. Personally I'm feeling more bullish on my real estate holdings, moved all equity positions to cash 3 weeks ago.

Watch discussion here!

Hello!

I thought I would post a recent picture of the Burkhardt family (minus Kirtana, 30 and Eli, 34). That's my youngest, just turned 6, Zoey. Yes I hit the reset button!

Last July Zoey was diagnosed with type 1 diabetes. More or less it came out of nowhere. At least for the major symptoms. As a matter of fact we picked her up from camp the morning she was diagnosed, she seemed absolutely fine other than very hungry! When we got to the hospital an hour later, her blood sugar was 940! The doctors and nurses  called her a miracle. She was in the ER cracking jokes, being as precocious and silly as ever!

My wife, Cheryl knew something was wrong. When we went to the pediatrician that day, she had packed a bag for the hospital knowing what was to come. I was in denial right until the doctor walk into the office with a very concerned expression on his face. Unbeknownst to us our pediatrician has been type 1 for 27 years.

Fast forward to today, with the help of some amazing technology and great support from family and friends, Zoey is doing great!

If you know anyone with children with type 1 diabetes, please feel free to have them contact me.

I'm posting this because November is type 1 diabetes awareness month.

Best,

Keith